My husband and I are looking to acquire a home in Lampton and have appointed a Lampton conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Nationwide Building Society have this evening contacted us to inform me that they have now hit a problem as our Lampton conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Lampton solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Can you explain why leasehold purchase conveyancing in Lampton costs more?
Lampton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Me and my partner are purchasing a house in Lampton. It might be a silly question but how we can trust a lawyer? On completion day we have to put our life savings into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can you help - my lawyer says that breach of easement insurance is required on my purchase. What is the level of cover for Lampton conveyancing?
The right level of breach of easement indemnity insurance depends on who your lender is. It would differ for example between Yorkshire Building Society and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such insurances.
is it true that all Lampton conveyancing solicitors on the Leeds Building Society conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel and in that case the firms would be overseen by the CLC.
2 months have gone by following my purchase conveyancing in Lampton completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I need to instruct a conveyancing solicitor for residential conveyancing in Lampton. I have chance upon a site which seems to have the perfect offering If there is a chance to get all this stuff done via web that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a busy estate agency in Lampton where we have experienced a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Lampton conveyancing solicitors. Please can you clarify whether the seller of a flat can initiate the lease extension process for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
My wife and I have hit a brick wall in trying to purchase the freehold in Lampton. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a missing landlord or if there is disagreement about the premium for a lease extension, under the relevant legislation you can apply to the LVT to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a Lampton residence is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The unexpired term as at the valuation date was 60.45 years.